The latest data released by ARLA Propertymark has revealed that the number of tenants experiencing rent rises decreased in September, but remained high overall, with 58% of agents witnessing an increase in rent prices.
According to the numbers, year-on-year, this figure is up from 31% in September 2018, and 27% in September 2017.
Supply of rental stock and demand from tenants
The number of properties managed per branch fell to 193 in September, from 197 in August. Year-on-year supply is down from 194 in September 2018, but up from 189 in September 2017. Demand from prospective tenants also dropped, with the number of house hunters registered per branch falling to 72 on average, compared to 76 in August.
In September, the number of landlords exiting the market remained at four per branch.
David Cox, ARLA Propertymark Chief Executive said, “While the number of tenants experiencing an increase in rent has dropped marginally, rent prices remain alarmingly high as they have done since the Tenant Fees Act came into effect. It’s also concerning to see that the number of properties managed per letting agent branch has fallen. As supply falls, competition amongst tenants increases which further drives up rent costs.
“With the possibility of a general election approaching, we hope that the Government recognises the importance of increasing supply for tenants and uses it as an opportunity to make the market more attractive for landlords.”
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